Miami Realtor Being Sued by Developer

Condos by vgm8383

A Miami Realtor is being sued by a Miami condo developer for the tidy sum of $25 million, over comments the Realtor made on his blog about the developer "filing for bankruptcy in the '80's and his current condo project possibly being in trouble."

From what I've read about people being sued over comments made on their blogs, the Realtor should be o.k. However, the broker he was working for terminated him, as they are also named as defendants in the lawsuit.

I understand their reasoning behind this, but this quote the brokerage gave to the Miami Herald irks me a bit:

"We want to encourage associates to be a positive source of information,''

Does that mean they just want their associates to talk to the public about the "rosy" side of the picture and just brush the bad stuff under a rug? Licensed real estate agents in Florida have a duty to fully disclose "all known facts" to clients. Are they asking their agents to neglect that duty a bit?

Florida Passes Tax Reform Amendment

As of 11:40 p.m. the precincts are still reporting, but it looks like Amendment 1 (Florida's Property Tax Reform Amendment) has passed by a pretty wide margin. So, let's recap again what this Amendment means:

• "Doubles" the homestead exemption from $25,000 to $50,000. However, the 2nd $25k does not apply to school taxes (~30% of most property tax bills), so it's more like an additonal $15,000 exemption. (Assuming a 2% tax rate thats about $300).
• Portability of Save Our Homes. SOH is Florida's cap on how much your property taxes can go up in a year. Previous to this amendment passing, once you sold your home and moved, you lost your built up savings and had to start again in your new home. Now, take a good portion of it with you.
• Snowbird only living in Florida part time (non-homesteaded)? Your property tax increases will now be capped at 10% per year. Big whup now you say... but if there's ever a time like 2003-2006 when property taxes nearly doubled for some folks, you'll be happy with this change.

Time will tell if this is *the* spark that the Florida real estate market needs. Those on the fence don't have too many excuses left to wait now.

Florida and Allstate Insurance Toe-to-Toe

My advice to people moving to Florida and shopping for homeowners insurance is to always check with your current carrier (assuming you're happy with the rates and service you receive) to see if they offer policies in Florida.

Well, for the time being, if your current insurer is Allstate, you're out of luck. Allstate is locked in a battle with Florida's Insurance Commissioner over documents regarding the rates Allstate charges for hurricane insurance.

Florida's Insurance Commisioner originally ordered Allstate to stop selling homeowner's policies until the matter was resolved, but has now gone a step further and has ordered Allstate to stop writing ALL new policies, including automobile policies.

I don't expect this little tif to last too long...I can't see how the citizen's of Florida come out a winner in having one of the largest insurers not being able to write new policies. Granted, this does not effect policies currently in place or their renewals. But in my mind, healthy competition is about the only thing that ever seems to keep prices down.

Update 1: That was fast...by order of the 1st District Court of Appeals, Allstate is back open for business.

Two Weeks Until Florida Property Tax Vote

Two weeks from today on Tuesday, January 29, 2008 Floridians will step into the voting booths... hanging chads and all... and decide on an important property tax measure.

If approved, the measure, among other things, will serve two main purposes:

1) It will "double" the homestead exemption from $25,000 to $50,000 (Uh, not really double...read what I'm talking about here) and

2) It will also provide portability of the Save Our Homes Tax (Not sure what that is? Learn more here)

You can read more about the property tax bill at http://www.yeson1florida.com/amendment_1.php

Also, this past weekend I read a good (good meaning funny) column in a local paper which "answers some questions" about this whole Florida property tax issue. Think you'll enjoy it!

My favorite question and its "brilliant" answer:

Sun City Center FL: A Complete Guide

Do you know what one of Florida’s first retirement communities was? Sun City Center, located near Tampa Florida began in the early 1960’s and is still under development today. The internet is loaded with information about Sun City Center but sometimes the information is very outdated, and searching online can just get overwhelming.

To solve this problem, and as a follow-up to my first e-book about The Villages, I've put together a complete 117 page guide for Sun City Center at: SunCityCenterFloridaBook.com

You'll find a ton of great information including a complete detailed community overview, useful links, information about buying a home in Sun City Center, what it costs to live there, golf in Sun City Center, and much more. Check it out.

Be sure to watch this space for announcements on guides to other Sun City communities around the country.

What will the real estate market do in '08? Who can you trust?

I'm skeptical when I hear that all of a sudden, despite credit and mortgage woes galore, that the housing market is all of a sudden going to get better in 2008. Especially when the folks preaching this info. are "in the biz".

Believe me, I want it to get better too. But pretending like it will get better is about as good as praying for it to happen.

I ran in to this article today in the Herald Tribune (Southwest Florida) about a report saying that New Home sales have reached a bottom. Thankfully, the report is from a researcher at the University of Florida, and not from the Association of Realtors or the Home Builders.

So, hopefully we can trust this report without being too skeptical. While it certainly isn't exceptionally cheery (sales sales will be flat for the next year, but not declining), it isn't the worst news one could receive if they've got Florida real estate on the brain.

Some Florida Banks to Avoid

TheStreet.com just ran an article about some Florida banks that are feeling the squeeze due to not only bad mortgages (as you've heard by now Florida has a lot of) but also bad construction loans that developers are defaulting on.

I'm all for the local bank. I believe in supporting the little guy. And I know my money would be safe (FDIC insured, etc.). But for now my money is with one of the big boys, at least until we learn a little more about this mortgage/construction loan fallout.

E-Book for The Villages Florida is ready now

Just got done with an e-book about The Villages Florida.

It's 117 pages, and is available for instant download. Some of the content is similar to Florida for Boomers, but I really went through section by section and tailored it to folks considering moving to The Villages.

Check it out...hope you enjoy it and learn a lot...I promise you will!

Florida Double Homestead Exemption is really Double-ish

After months of back and forth like they do best, the Florida House and Senate came to a compromise on a new property tax plan to send to voters on January 29th.

And there's nothing like waiting until the last minute. The plan had to be approved by both the House and Senate by the end of October 29 (90 days out from the special election). They made it by a couple of hours.

Here are the basics that could impact homeowners if the bill passes in January:

(Not Quite) Double homestead exemption: Homestead property owners will get a second $25,000 exemption on the assessed value on the value of their homes over $50,000. BUT, because this doesn't apply to school taxes (and because school taxes account for nearly 1/3 of the tax bill) the net result is closer to an additional $16,000 exemption.

Every politician I've heard touting this plan keeps saying "double" because it sounds so good...but its NOT double! Not saying voters should reject it, just calling a spade a spade.

Portability: This was one of the key issues that politicians and real estate agents *think* is really going to spark the Florida housing market. Homesteaders will be able to take up to $500,000 of Save Our Homes protections to a new home purchase. If you are downsizing you can take a pro-rated portion of the tax protections.

While some folks will now be able to downsize their homes as well as their tax bill, I don't see this being the boost to the housing market that some would hope.

Assessment cap for non-homestead property: Assessments would increase no more than 10 percent each year on non-homestead property.

This could have been the boost the Florida housing market needed. The original plan was to cap this at 5% but that didn't get accomplished. The fact that people who buy homes in Florida to enjoy as second homes, not primary residences and therefore unable to Homestead, don't have better protection than this, simply means that places like the Carolinas, Georgia, and Tennessee will continue to siphon off lots of the boomers that originally had their sights set on Florida.

Everyone's Leaving Florida?

Have a nice weekend?

Maybe you read the most viewed AND most emailed story from The Wall Street Journal this weekend, "Is Florida Over?"

Now, I'm not here to yell "agree" or "disagree", as the author made some valid points. But I do think everyone thinking of Florida as a place to move to and retire or buy real estate should read it.

However, do not forget the fact that:

1) The WSJ is in the biz of selling newspapers. The link bait title of the article did exactly what it was intended to do...get people reading...and talking.

2) If you agree with the article's premise, that Florida is "out" as a destination, just remember an important lesson learned from just about every boom and bust cycle this country has ever seen:

The people who usually make out the best are the ones doing the OPPOSITE of what everyone else is doing.

How to estimate Florida real estate taxes video

Just put a quick video up on Florida for Boomers about how to figure out what your Florida real estate taxes might be.

The tax calculations are based on certain criteria that you input such as sales price, and whether or not you qualify for the homestead exemption.

Not all Florida counties have this feature on their website, but I'd say most do by now.

• Start at the Florida Information page of FloridaforBoomers.com
• Click on "List of County Property Appraiser's Websites
• Select the county you are interested in
• Look for a link to "property tax calculator"
  
• Fill in the required data like price, millage rate, homestead and click calculate
  

Casa Monica in St. Augustine a great choice for a late summer trip

The Casa Monica Hotel in St. Augustine is a "can't miss" for baby boomers thinking of heading to Florida soon. The hotel, while on the expensive side, is worth every penny. Located in Florida's most historic city, The Casa Monica is part of the Kessler Collection and a member of Preferred Hotels and Resorts.

There's plenty of walking around, trolley tours, and sightseeing to do in St. Augustine, but whatever you do, DON'T MISS this... right inside the hotel. 95 Cordova has one of the best filet mignons on the east coast of Florida...trust me.

Thinking Florida? Be sure to check out On Top of the World

Wanted to let all Boomers on the Move readers know about this great community in Central Florida...

When you’re On Top of the World you’ll discover truly unsurpassed, active adult living in scenic Ocala, Florida. Amid gently rolling hills, magnificent horse farms, majestic oak hammocks and crystal clear springs, On Top of the World Communities brings every homeowner Excellence Above All...conveniently located in central Florida near Tampa and Orlando. We have choices and amenities you won’t find anywhere else.
Keep reading... or Visit Community Website

New UF Hurricane Simulator

The University of Florida has introduced a new hurricane simulator unlike anything that has been available before it. The $500,000 machine can simulate the force of a Category 1 through Category 5 Hurricane with the flick of a switch. Continue reading about the UF simulator...

Texas Tech has a Wind Science and Engineering Research Center whose website is worth checking out as well if you are interested in hurricane research.

While researching this post I found two hurricane simulators that you and I can use to see the types of damage different levels of hurricanes can cause. One is on the National Geographic website and the other is through the Associated Press. Check them out and let me know what you think.

Reunion Resort Lens is Live

Back today with another lens for you to check out. This time we explore Reunion Resort, near Orlando, developed by the Ginn Company.

View the Reunion Resort Lens at http://www.squidoo.com/reunionresort

Readers of Florida for Boomers will recognize Reunion as one of the "Resort and Club" communities mentioned in the book.

Just like our lens for The Villages, the Reunion Resort Lens has lots of great info. including a brief overview, Reunion Resort links, a tv commercial, a map of Reunion Resort, and more. Check it out today!

The Villages, Florida: A Complete Guide

Do you know what the internet's most searched for Florida retirement community is? It's The Villages, located in central Florida. The internet is loaded with information about The Villages but sometimes searching online can just get overwhelming.

To solve this problem, I've put together a complete 117 page guide for The Villages at: TheVillagesFloridaBook.com

You'll find a ton of great information including a complete detailed community overview, useful links, information about buying a home in The Villages, what it costs to live there, golf in The Villages, and much more. Check it out.

Ave Maria: Have some Jesus with your retirement community

ABC News had a segment Saturday night on a "faith-based" community being developed in Collier County Florida (east of Naples) named Ave Maria. While not being set up or marketed as a Florida retirement community, it might be a place for "true believers" to consider settling down into their retirement years.

One of the men heading and funding the development is Tom "30 minutes or less" Monaghan, founder of Domino's pizza. As a devout Catholic, Tom's vision for Ave Maria is for it to be a faith based community... The ABC segment even dubbed it "a City of God". The centerpiece of the community will be a Catholic University, Ave Maria University comprising 20% of the 5,000 acre development. According to the community's website Ave Maria University is "the first new major Catholic University in the United States in 40 years."

The planned 11,000 homes are being built by the Pulte Family of Homebuilders (Pulte, Del Webb, and DiVosta). The community uses the "town center" concept (everything within walking or biking distance from your home), which is growing in popularity across the country.

The community has not been without controversy, as the ACLU and others are keeping a close eye on it to make sure that no civil rights laws are being broken. As a real estate broker, I see the potential of Fair Housing law problems creeping up for real estate salespeople selling homes in Ave Maria. Hopefully Pulte Homes and others will take strong measures to ensure their salespeople are highly aware of potential problems in this area, and trained on how to avoid them.

More info:
http://www.avemaria.com/
http://en.wikipedia.org/wiki/Ave_Maria,_Florida

Florida's New Property Tax Laws Explained

Well, if you follow Florida real estate at all, you've probably long since heard that Florida passed some new property tax laws a few weeks ago. What you may NOT know, however, is what to make of it. For what it's worth, here's my take on it.

1) To begin, what was done probably wasn't enough to cause any real change in Florida's lousy real estate market. Homesteader's in Florida were helped out a little. By that I mean a 3-9% reduction on their next tax bill. So at the most, if your tax bill is $5000 you MIGHT save $450. At the most. That's a night in a fancy hotel, dinner, and drinks...maybe even top shelf drinks. In my book not enough to get me too excited.

2) If you live outside of Florida but own property here (non-homesteaded) you didn't get much help either. By most accounts I've seen, you won't save anything. But, your taxes might not go up like they have been because...

3) Millage rates will be rolled back to 2006-2007 levels. (Basically 1-year). Most Florida taxpayers were hoping for much more, legislators are telling us, hey, at least its something, and city leaders (who have to roll back their spending) are saying its too much...Go figure!

4) Up next for Florida voters will be a chance in January to increase the homestead exemption (currently $25,000 in most cases) to what is called a super-exemption or, 75% of the first $200k in value (Minimum of $50k exemption)


As always, we'll keep you posted as things progress. But for now, put away any immediate hopes of huge property tax reform in the sunshine state.

New Florida homeowners insurance option for the rich

If your home is worth $1 million or more, there is a new company that wants your homeowners insurance business. The company is called PURE. Read an article about it from the Naples Daily News. PURE says that they can offer the owners of "high-value property" better insurance rates than they might otherwise find on the market.

I don't know how many Boomers on the Move readers this will apply to, but it is worth noting that there are other options available for insurance if you've got the money.

Maybe something else like this will come along soon for the rest of us.

Florida for Boomers featured in Miami Real Estate Update

I'm proud to say that Florida for Boomers has just been featured in Mark Zilbert's Miami Real Estate Update newsletter. For those of you not familiar with Mark, he is one of the premier condo brokers in South Florida. He has been featured on the Today Show, 20/20, The Wall Street Journal, and I interviewed him about his boomer clientele for Florida for Boomers.

Here's what Mark had to say in his newsletter:

Florida for Boomers: A Guide to Real Estate Author Ryan Erisman has created a great new guide to buying real estate in Florida. It's targeted at Baby Boomers, however, it's a well-written overall guide that will suit anyone. The book teaches you everything from finding a real estate agent to understanding how property taxes work. Check it out. You won't be disappointed.